These benefits are generally not available to companies that engage only in one-time sales models in which they sell products to customers every now and then. This model offers no insight into how the customer is using the products, whether the customer is satisfied, and whether – and when – the customer will purchase products from the company in the future.
However, many organizations struggle with the transition from the traditional one-time sales model to recurring revenue models. One reason companies struggle is that their legacy systems for managing customer relationships (Customer Relationship Management or CRM) and managing assets (Enterprise Resource Planning or ERP) were not designed to handle recurring revenue business models. There is a gap between these systems that must be bridged by an agile monetization solution that delivers the flexibility to allow the business to innovate in its go-to-market processes, offerings, and sales practices.
Overall, the essence of RecVue’s Monetization Platform lies in its ability to overcome this critical gap. Holly Roland, VP of Marketing at RecVue mentions, “RecVue delivers monetization capabilities that includes all the capabilities that bridge the gap between CRM and ERP. Our customers can easily transition to a recurring revenue business model with our full suite of solutions for Billing, Revenue Recognition, Partner Compensation, and Insight.” Because RecVue delivers on a single platform, all the information that has been processed or generated in each module is stored in a central system. This means that all billing and revenue data is up to date and ready for in-depth analysis in real time.
RecVue delivers monetization capabilities that includes all the capabilities that bridge the gap between CRM and ERP. Our customers can easily transition to a recurring revenue business model with our full suite of solutions for Billing, Revenue Recognition, Partner Compensation, and Insight
RecVue implemented its monetization platform to automate contracts and mediate usage data, deploy agile billing, and calculate payments to WWTs partners. As a result, WWT overcame the challenges with billing and revenue recognition: The billing team now produces invoices within 1-3 days, rather than 120 days, which is a 94 percent improvement.
Established in 2015, RecVue has grown to manage $12 Bn in annual recurring revenue. RecVue continually innovate their business model to cater to the need of companies that are shifting to recurring revenue models. “Our vision is to deliver the solutions that are flexible enough to accommodate frequent changes that can scale to very high volume transactions. And to help our customers to bill accurately, on time as well as remain in compliance with revenue recognition requirements,” concludes Holly.